Acko becomes the 34th Indian unicorn in 2021
The company said that the a major chunk of this investment will go into up scaling the health insurance vertical
New age general insurer, Acko has become the 34th unicorn in 2021, following the closure of series-D round of $255 million, valuing the company at $1.1 billion. The current round was led by General Atlantic, Canada Pension Plan Investment Board (CPPIB) and Lightspeed Growth. This also includes existing investors Intact Ventures and Munich Re Ventures. The total funds raised for the insurer till now stands at $450 million. Prior to this, the insurer had raised capital from Amazon, Accel, Elevation, Ascent Capital, Intact Ventures and Filpkart’s co-founder Binny Bansal.
Company to focus on consumer segment
Acko said that the a major chunk of this investment will go into up scaling the health insurance vertical. Nearly, 50% of the capital would be focused on the health insurance side. The company is keen on investors who run regulated business or partners to companies that run regulated businesses.
It also said that it will be a destination for the digital native customers. Adding to that, the insurer expects premium income to cross Rs 1,200 crore in FY22 and is expected to more than double to Rs 2,600 crore in FY23. Acko will continue to remain focus on the consumer segment and does not intend to use the balance sheet to take on industrial risks.
The new age insurer has the largest market share in embedded insurance products like mobility and gadget insurance across large digital consumer platforms like Amazon, MakeMyTrip, Ola, Urban Company and Bajaj Finance. In-addition, the company covers nearly a million gig workers in India by collaborating with companies like Zomato and Swiggy.